Build a career as a NISM Series X-A & X-B
The two SEBI-mandated exams you must clear to register and practice as an Investment Adviser in India.
Know the NISM Series X-A & X-B before you start
2 — X-A & X-B
Levels
150 each level
Total Marks
60% (90/150) each
Pass Mark
3 years
Certificate Validity
Roles & salary as you grow
The NISM Series X-A & X-B opens an entry role that promotes upward — here's the ladder and what each rung pays.
Stage 1
SEBI-Registered Investment Adviser (RIA)
₹6–30 lakh p.a. equivalent (fee-based)
Provides fee-only, fiduciary financial advice under SEBI IA registration; both X-A and X-B plus registration are mandatory. SEBI caps fees at 2.5% of assets under advice or a fixed fee per family.
Stage 2
Financial Planner
₹4–12 lakh p.a.
Builds comprehensive, goal-based financial plans (retirement, insurance, tax, estate) for individuals and families, often within an advisory firm or bank.
Stage 3
Wealth Manager / Private Banker
₹6–25 lakh p.a. (plus incentives)
Manages HNI and affluent client relationships across investment products; the IA certifications establish advisory competence and regulatory credibility.
Stage 4
Investment Advisory Representative
₹3–8 lakh p.a.
A person associated with investment advice at a non-individual IA; must hold the NISM X-A and X-B certifications to give advice.
*Indicative ranges from public data; actual pay varies by employer, city and cycle.
Are you eligible?
Education
No strict bar to sit the exam. For SEBI IA registration, a graduate/postgraduate degree or professional qualification in finance, accountancy, business, commerce, economics, capital markets, banking, insurance or actuarial science (or a CFA Charter, or NISM's one-year PGPSM) is required.
Age
No prescribed age limit for the exam. (SEBI registration additionally requires prescribed experience and net worth — ₹5 lakh individuals, ₹50 lakh non-individuals.)
Nationality
Open to all; mandatory for individual IAs, the principal officer of a non-individual IA, and persons associated with investment advice.
How the NISM Series X-A & X-B is structured
The certification has two levels that must both be cleared. Series X-A (Level 1) covers personal financial planning, financial markets, investment products, portfolio construction and the regulatory/ethics environment. Series X-B (Level 2) adds comprehensive household financial planning, insurance, retirement, estate planning, taxation, behavioural finance, risk profiling and case-based analysis. Each exam is a 3-hour computer-based test of 150 marks combining 1-mark MCQs and case-based (caselet) questions, with 25% negative marking per question and a 60% (90/150) pass mark. Each certificate is valid for 3 years.
Series X-A: Investment Adviser (Level 1)
Series X-B: Investment Adviser (Level 2)
What you'll study
menu_bookLevel 1 (X-A) — Personal Financial Planning
menu_bookLevel 1 (X-A) — Markets & Investment Products
menu_bookLevel 1 (X-A) — Portfolio & Regulation
menu_bookLevel 2 (X-B) — Insurance & Retirement
menu_bookLevel 2 (X-B) — Tax & Comprehensive Planning
menu_bookLevel 2 (X-B) — Behavioural Finance & Case Analysis
How to crack the NISM Series X-A & X-B
Register on the NISM certification portal
Create an account at certifications.nism.ac.in, provide your PAN, and enrol for Series X-A (Level 1).
Pay the exam fee & book a slot
Pay the ~₹3,000 fee for X-A and book any available date/time at a NISM test centre; the exam is offered on demand year-round.
Prepare and pass Series X-A (Level 1)
Study the official NISM workbook and score at least 60% (90/150), keeping negative marking in mind.
Enrol, prepare and pass Series X-B (Level 2)
After clearing X-A (a prerequisite), register for X-B and pass the 150-mark, 60% Level 2 exam covering insurance, retirement, tax, estate planning and case studies.
Obtain your certificates
Download both NISM certificates (each valid for 3 years) from the portal after passing.
Apply to SEBI for IA registration
With both certificates, the required qualification, experience and net worth, apply for IA registration via BSE Administration & Supervision Ltd (BASL). Renew NISM certification before expiry to stay compliant.
The NISM Series X-A & X-B cycle
On-demand, year-round — book any available slot at a NISM test centre
Schedule within the enrolment validity (typically 180 days from payment)
3 years from passing (each level)
Obtain a fresh NISM certificate before the 3-year expiry to remain a compliant RIA
Prep for NISM Series X-A & X-B with PrepClever
Launching 2026. Join the waitlist for early access, free mock tests, and a personalised study plan.
See the full NISM Series X-A & X-B guide arrow_forwardNISM Series X-A & X-B — common questions
Do I need to pass both X-A and X-B?
Yes. To register as an Investment Adviser (or be the principal officer / person associated with advice of a non-individual IA) under SEBI regulations, you must clear both Series X-A (Level 1) and Series X-B (Level 2). X-A must be passed before X-B.
What is the pass mark?
60% for each level — 90 marks out of 150 — in a 3-hour computer-based exam.
Is there negative marking?
Yes. Both exams deduct 25% of the marks assigned to a question for every wrong answer.
How long is the certificate valid and how do I renew?
Each certificate is valid for 3 years. You must obtain a fresh NISM certificate before it expires — by re-taking the exam or via CPE where permitted — to keep your registration compliant.
Who needs this certification?
Anyone seeking SEBI Investment Adviser registration: individual IAs, the principal officer of a corporate IA, and persons associated with investment advice at such firms.
What is the fee, and is a degree required?
Each level costs about ₹3,000. No degree is needed to sit the exams, but SEBI registration as an IA requires a graduate/PG degree or professional qualification in a relevant field (or an equivalent such as CFA or NISM's PGPSM).